關於 last the night (2022) ，我們在網路上蒐集到這些相關的討論、資訊與評價

What a great day last night. After finished the race, I got back to the hotel. Had lunch and the have a short nap. Then say goodby to my friend @bashirabdi204

Then I received a message on Instagram from a Malaysian, Nik who based in Newcastle and they would like to invite me to come over to the race site for Nasi Lemak as they have set up a camp at the field next to it over there there, together with a group of Malaysian (Akmal, Mahat, Shu, Hilmi) and other members.

Took a 2 mile walk from the hotel that I stayed to their camp, and throughout the journey, I got to see the runners still doing their run. Last 2 mile to the finishing line. Gave them some cheer and motivate them to keep going. Jog or brisk walk, don't stop.

Super happy to have Malaysian food - Nasi lemak over there. We have a great time chatting and sharing about the race experience and got to know more about each other.

Later I got invited to one of their house, Abang Jamal, for coffee time and dinner. Got to meet their family members at his home and they are all so kind and thoughtful. Brought up some cakes, snacks, of course coffee ☕.

Warm welcome from them and then we had dinner together (kuey teow ladna, chicken, basmati rice).

We exchanged ideas, thoughts and sharing of our own experiences. I got to learn some new valuable information from them.

Then Abang Jamal fetch me back to the hotel at 10pm. Once I entered the lobby of the hotel, I got to see the Elite Athletes like @kingcheserek
@shazrine @bygolly.molly @stewy_mac3 @galenruppofficial @charlottepurdue
And the organizer, Matt.

And so I joined them. We have a great time laughing, talking, chatting. They are really funny and lovely. Super happy to spend time with them. Forgot to take a wefie for this moment! 😭

Enjoy the atmosphere so much. Wanna visit the 👑 @kingcheserek definitely after the Empire State Building Run Up and to train with them.

Thanks @great_run for all this wonderful experience.

I am looking forward already to come back to Newcastle for the Great North Run 2022 and this time I will be prepare for it and to hit a much faster timing (perhaps the NR!).

#GNR40 #GNR #GreatNorthRun #MasTowerRunner

🌻Docusign(DOCU), Crowdstrike(CRWD)財報結果
上週這兩家公司發表財報了.

這兩天看了一下他們的財報結果. Again, 兩家的表現都很好, 但發現分析師給DOCU的調價(往上)幅度比較多, 就好奇研究了一下SaaS公司是怎麼被估值的. 有興趣的話可以看看(從中學習到很多. 非常推薦一讀):
https://makingsenseofusastocks.blogspot.com/2021/09/blog-post.html

(By the way, 分析師對CRWD的價格調幅沒那麼大, 主因是成長趨緩了. 而DOCU的free cash flow佔營收比, 以及顧客黏著力在這季創了新高, 是讓分析師按讚的幾個原因).

關於CRWD: "The Street is already modeling revenue growth deceleration in 2022 to 36%, down from 60% expected in 2021, which on its own might prove a hurdle for a stock already trading at a high multiple," said Bank of America analyst Tal Liani in a report.

分析師對於DOCU的評價:
• 11位buy; 給的價格分別是: $310, $320 (x2), $330 (x2), $340 (x2), $345, $350, $350, $389
• 給Buy的分析師的評語:
o Baird: The analyst continues to view them as a best in class way to play digital transformation trends with strong growth, cash flow and profitability, and a strong competitive position. Power said DocuSign remains one of his top long-term compounding growth ideas.
o Citi: While slightly shy of the double-digit billings beat in recent quarters, DocuSign still delivered a solid 8% beat to Q2 billings, which grew 47% year-over-year, Radke tells investors in a research note.
o Evercore ISI: he calls "another strong quarter." While some may have wanted to see more aggressive Q3 billings guidance, he believes estimates "continue to leave room for upside," Materne said.
o JMP Securities: While revenue growth decelerated to 50% from 58% in Q1, the company is the clear leader in electronic signature and the broader system of agreement having crossed over 1M customers with a $2B run rate this quarter, the analyst tells investors in a research note, adding that he sees lots of room for growth as DocuSign targets a $50B total addressable market.
o Needham: The analyst commented, "Docusign reported another strong quarter in 2QF22 with typical DOCU upside to revenue and profitability. Sales metrics and growth decelerated Q/Q, as we expected against a massive pandemic quarter, but at a much slower rate than we believe much of the Street was anticipating. 65k net new customers was lower than the 70k - 90 range of CY20 but was still more than 2x greater than any pre-pandemic quarter, highlighting a strong end-market driving 47% billings growth against a strong comp. Commentary on incremental Agreement Cloud demand was positive, suggesting an additional growth tailwind combined with solid international can further aid 2HF22. Although DOCU shares could be lower near-term due to weak 2H OpMg guidance, we think this guidance is conservative, as the recent OM was greater than the pre-pandemic level even with tough comps."
o RBC Capital: The quarter highlighted the sustainability of the company's tailwinds post-pandemic as most of its underlying metrics such as billings and net revenue retention were solid, the analyst tells investors in a research note, adding that the traction with CLM and Notary was also "impressive".

分析師對於CRWD的評價:
• 12位buy; 給的價格分別是: $300, $310 (x2), $313, $315 (x2) , $305, $320, $325, $330 (x2), $340
• 1位給hold: $280 (from $220 by J.P. Morgan(same))
• 給Buy的分析師的評語:
o Baird: The analyst believes the company has significant room for growth with core modules, opportunities with Humio and in cloud workload security, among others, should help drive a continuation of strong growth over a long time horizon.
o BTIG: The company's "strong" Q2 results "cleared every hurdle", even though the buy-side benchmarks may have been slightly higher, the analyst tells investors in a research note. Powell adds that Crowdstrike is clearly gaining share in its core endpoint security target market at a rapid pace and gaining traction with new products across multiple categories.
o Canaccord: The analyst said the stock is down from its recent highs, and he thinks the re-rating creates a more favorable entry point for longer-oriented investors for a foundational security name. He views Crowdstrike as a long-term secular winner in security due to its native cloud platform advantage versus closely held peers in endpoint security combined with platform expansion into tangential segments to capture greater share of security budgets.
o Goldman Sachs: CrowdStrike last night delivered "another beat and raise quarter as the company benefited from another quarter of elevated demand," Essex said. But it traded lower following net new annual recurring revenue growth guidance that was slightly less than investors had hoped for. Essex, nonetheless, said the quarter demonstrated CrowdStrike's "ability to continue to go down market efficiently."
o JMP Securities: The analyst notes the company's Q2 annualized recurring revenue of $1.34B topping his estimate of $1.30B, with "sustained" 70% ARR and revenue growth along with margin upside seen as key highlights for the quarter. Suppiger adds that the metrics reflect Crowdstrike's "strong execution and robust demand environment".
o Mizuho: "very good" fiscal Q2 results. The annual recurring revenue growth of 70% year-over-year "was strong and still nicely surpassed" the Street's 65%-66% estimate, Moskowitz tells investors in a research note. He believes "strong execution can propel" Crowdstrike's stock higher.
o Piper Sandler: The company's metrics "outperformed across the board" in Q2 with 70% annual recurring revenue and revenue growth and record net new customer adds in the quarter, Owens tells investors in a research note.
o RBC Capital: Hedberg adds that CrowdStrike's record pipeline entering Q3 should continue to fuel the company's "land-and-expand" momentum.
o Stifel: Q2 results that he said "exceeded consensus estimates across all major financial metrics." He continues to believe that Crowdstrike's growth opportunity "remains in the early days" despite the company's scale given continued share capture within its core endpoint security market and incremental module adoption on the Falcon Platform, Reback tells investors.
o UBS: the company reported "pretty good" Q2 results against high expectations.

🌻趨勢: 跨境電商 Cross-border commerce
Morgan Stanley:
From our perspective, we think many are underestimating what the cross-border eCommerce demand could ultimately be, once key friction points like FX rates, tax and duties, shipping, language, etc are smoothed—all issues that Global-E directly addresses.

Cross-border ecommerce brings new, high-yield volume: We think elevated levels of cross-border ecommerce (ex-travel) is a structural shift thathas yet to be fully contemplated in MA (and V)'s long-term forecasts. MA's cross-border CNP ex-travel volume was 69% above 2019's level in 2Q and 63% higher in 1Q. Strength reflects both broader ecommerce adoption plus globalization of commerce, as marketplaces and services that reduce cross-border friction (such as those from GLBE) make international online ordering more readily adopted. Early data at V suggests greater cross-border ecommerce spend is persisting even in areas with pre-pandemic levels of international travel. Cross-border transactions also come at a higher yield, making us more optimistic that the trend can bring incremental long-term growth to the networks.

產業的潮流是有連貫性的. 疫情讓電商更發達後, 接下來應該就是加速電商跨境了. 跨境的話, 有很多問題需要解決(稅率, 語言, etc.) 這就需要有公司來做整合的動作. 這種跨境, 也可以想像是omnichannel的一種呈現.

Harley Finkelstein (President of Shopify): "I mean I think commerce in 2021 is cross-border."

🌻SPAC熱潮退卻，初創市值蒸發750億美元
"SPAC熱潮已經退卻。分析顯示，在2月中旬以前完成合併的137家SPAC的總市值已經蒸發25%，市值回落幅度上個月一度超過1,000億美元。"

"像貝萊德(BlackRock Inc., BLK)和富達投資(Fidelity Investments Inc.)這類企業管理的基金，以及許多對沖基金、養老金管理公司和其他一些投資者，都在SPAC的回落中遭受了衝擊，他們在去年年底開始的熱潮中競相投資SPAC。其中許多基金由於在價格還很低的時候就早早入場，所以現在仍坐擁可觀收益。事實上，SPAC市值仍有約2,500億美元，高於一年前的約1,000億美元，反映出這期間股價上漲和新公司上市的影響。

但即便如此，今年年初令人炫目的回報還是讓許多後來者做了接盤俠，扎堆投資所謂穩賺不賠的領域，其永恆的風險可見一斑。在過去的幾個月裡，一些投資者眼睜睜看著帳面財富縮水。"

"股價下跌會在SPAC領域形成惡性循環，因為投資者有權在併購交易前從空白支票公司撤資。一旦SPAC跌破發行價，投資者就更有可能這樣做，而許多SPAC的股價現在正處於這樣的水平。目前，在尚未宣布併購交易的空白支票公司中，超過95%的公司股價低於發行價。

投資者的大規模撤資會讓已經上市的空白支票公司手上的現金大幅減少，讓其更難實現業務目標，並可能加劇股價跌勢。"

https://on.wsj.com/3n6JznC

🌻BNPL (buy now pay later)
But most BNPL providers including Affirm, Klarna and Afterpay have been losing money despite breakneck revenue growth as they invest heavily in marketing to win share. Sweden-based Klarna’s credit losses more than doubled in the second quarter. Affirm has projected adjusted operating losses of $50m-$55m for the fiscal year that ended June 30.

The path to profitability for many of these companies was to achieve massive scale, analysts said.

https://www.ft.com/content/ca201a37-a16d-4223-b123-04d38350a972

Pictures: 一葉知秋; from EarningsWhispers

[News] Life is Strange Remastered ถูกเลื่อนวางขายจากเดิม 30 ก.ย. เป็นช่วงต้นปี 2022 แทน
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ทีมพัฒนา Life is Strange ประกาศบน Twitter หลักอย่างเป็นทางการว่า ด้วยสถานการณ์การแพร่ระบาดของโควิดทั่วโลก ทำให้ทีมงานจำเป็นต้องตัดสินใจเลื่อน Life is Strange Remastered Collection หรือแพ็คเกจรีมาสเตอร์ Life is Strange และ Life is Strange: Before the Storm จากเดิมมีกำหนดวางจำหน่าย 30 ก.ย. นี้ เป็นช่วงต้นปี 2022 แทน
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ซึ่งการเลื่อนวางจำหน่ายในครั้งนี้ก็เพื่อลดความกดดันของทีมพัฒนา และเพิ่มเวลามากขึ้น ระหว่างการวางจำหน่าย Life is Strange: True Colors และ Life is Strange Remastered Collection
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ในขณะที่ Life is Strange: True Colors ภาคล่าสุดของซีรีส์ Life is Strange จะยังคงวางจำหน่ายตามกำหนดเดิม ในวันที่ 10 ก.ย. นี้ และ Life is Strange: Wavelengths DLC จะออกในวันที่ 30 ก.ย. โดยจะมีการเปิดเผย Trailer โฉมแรกในวันพรุ่งนี้
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Source: https://twitter.com/LifeIsStrange/status/1425494868646899717
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Beijing (formerly romanised as Peking) is the capital of the People's Republic of China and the world's third most populous city proper. It is also one of the world's most populous capital cities. The city, located in northern China, is governed as a direct-controlled municipality under the national government with 16 urban, suburban, and rural districts. Beijing Municipality is surrounded by Hebei Province with the exception of neighbouring Tianjin Municipality to the southeast; together the three divisions form the Jingjinji metropolitan region and the national capital region of China.

A city combining both modern and traditional architecture, Beijing is an ever-changing megacity rich in history but also truly modern, exemplified in its extraordinary global influence in politics, business & economy, education, history, culture, language, music, sporting, architecture, civilization, fashion, art, entertainment, innovation and technology. Beijing is the second largest Chinese city by urban population after Shanghai and is the nation's political, cultural, and educational centre. It is home to the headquarters of most of China's largest state-owned companies, and is a major hub for the national highway, expressway, railway, and high-speed rail networks. The Beijing Capital International Airport has been the second busiest in the world by passenger traffic since 2010, and, as of 2016, the city's subway network is the busiest and second longest in the world, after Shanghai's subway system.

The city's history dates back three millennia. As the last of the Four Great Ancient Capitals of China, Beijing has been the political centre of the country for much of the past eight centuries. With mountains surrounding the inland city on three sides, in addition to the old inner and outer city walls, Beijing was strategically poised and developed to be the residence of the emperor and thus was the perfect location for the imperial capital. Beijing was the largest city in the world by population for much of the second millennium A.D. The city is renowned for its opulent palaces, temples, parks, gardens, tombs, walls and gates, and its art treasures and universities have made it a centre of culture and art in China. Encyclopædia Britannica notes that "few cities in the world have served for so long as the political headquarters and cultural centre of an area as immense as China." Beijing has seven UNESCO World Heritage Sites – the Forbidden City, Temple of Heaven, Summer Palace, Ming Tombs, Zhoukoudian, as well as parts of the Great Wall and the Grand Canal, all popular locations for tourism. siheyuans, the city's traditional housing style, and hutongs, the narrow alleys between siheyuans, are common in urban Beijing and are also major tourist attractions. The city hosted the 2008 Summer Olympics and was chosen to host the 2022 Winter Olympics, which will make it the first city to ever host both events.

Many of Beijing's 91 universities consistently rank among the best in China, of which Peking University and Tsinghua University are ranked in the top 60 universities in the world. In 2015, 52 companies of the Fortune Global 500 company headquarters were located in Beijing, more than any other city in the world, including state-owned enterprises State Grid, China National Petroleum, and Sinopec Group, ranked 2nd, 3rd, and 4th, respectively. Beijing CBD is quickly becoming the center for Beijing's economic expansion, rapid modernization, and radically changing skyline, with the ongoing or recently completed construction of multiple skyscrapers. Beijing's Zhongguancun area is also known as China's Silicon Valley, China's center of innovation and technology entrepreneurship. According to the 2016 InterNations Expat Insider Survey, Beijing ranked first in Asia in the subcategory "Personal Finance Index," a measure of expats' salaries versus cost of living in the city. Expats live primarily in the east, in urban districts such as Dongcheng and Chaoyang, or in suburban districts such as Shunyi.

Let's take a proper look at Beijing, the Capital city of China...

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